Large shareholders are a potentially very important element of firms’ corporate governance system. Whereas analytical … research is typically vague on who these large shareholders are, in practice there are important variations in the types of … shareholders in private (i.e., unlisted) firms, where ownership tends to be more concentrated than in publicly traded firms …

When a company establishes subsidiaries with capital provided by a third party, the subsidiaries' shareholders include … the parent company (controlling shareholders) and minority (noncontrolling) shareholders. When shareholders' interests are … conflicts among shareholders are called principal-principal (PP) conflicts. However, adopting stakeholder-oriented corporate …

We study firms' investment in internal control to reduce accounting manipulation. We first show the peer pressure for … manipulation: one manager manipulates more if he suspects reports of peer firms are more likely to be manipulated. As a result, one … firm's investment in internal control has a positive externality on peer firms. It reduces its own manager's manipulation …

client firm's shareholders would respond by demanding improved corporate governance and financial reporting quality to … results are consistent with the idea that shareholders demand higher quality of, or pay greater attention to, financial …

result, but investors are better informed because they anticipate manager manipulation. An increase in stock …-price informativeness therefore has to be traded off against an increase in resources wasted on manipulation. It is shown that, surprisingly … capital is negatively related to manager manipulation …

In the last three decades, corporate governance and reporting have been confronted to a drift toward shareholders … develops an accounting perspective of the relationship between shareholding and the inner congeries of the enterprise entity …. These congeries require an accounting system, instead of a market price system, to deal with. Theoretical insights and …

. Our findings suggest that a regulatory approach that encourages clustered activism can benefit shareholders …

suggest that timely loss recognition in accounting earnings enables lenders, shareholders, and boards of directors to identify …

model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …